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Island Investing

Riffs, rants, and the upside of investing from way off Wall Street


This Week’s Sign The Lunatics Are Running the Asylum

This week the Mortgage Banker’s Association, a group that represents 2,400 real estate finance companies in Washington, DC, was forced into a rather embarrassing situation on its own mortgage.

The MBA sold its headquarters building on a short sale for $41.3 million…a little more than half the $79 million it originally financed in 2007.

I’m not sure how they could even attempt to spin that. Sums up this mortgage crisis pretty well, though, don’t ya think?